September 2012, F&I and Showroom - Feature
In its second year, the Innovative Aftermarket Systems (IAS)-sponsored F&Idol contest, once again, sought out the best F&I presentations in five product categories. This month, F&I and Showroom magazine reveals the best of the best, and offers a few highlights from their video entries.
In July, readers were asked to submit their best on-camera pitch in the following categories: GAP, Key Replacement, Vehicle Service Contracts, and Tire and Wheel. Added this year was a new category that allowed contestants to submit an entry for a product category of their choosing.
The videos had to be less than five minutes long, and show the F&I producers handling at least two objections. Entries were then reviewed by a panel of eight judges, including Bob Corbin of IAS, F&I and Showroom magazine’s Gregory Arroyo and “Mad” Marv Eleazer, celebrated F&I trainer Ron Reahard, Great Lakes Companies’ Steve Veldkamp, CNA National’s Alan Miller, compliance expert Robert Harkins, and United Development Systems’ Randall Crisorio.
Rising to the top were three F&I producers from Michigan, one from Maryland and one from New Jersey. They each received a cash prize of $1,000, as well as airfare and hotel accommodations to Paris Las Vegas, the site of the magazine’s Industry Summit 2012. One of them will be selected as the 2012 F&Idol winner, and will receive a check for $2,500. Here’s a look at this year’s finalists.
Store: Suburban Toyota, Troy, Mich.
Years in the Business: 19
Years at Current Dealership: 9
Claim to Fame: He’s Mr. Consistent at The Suburban Collection, averaging 1.9 products per deal at his Toyota store. His profit per vehicle retailed (PVR) sits around $1,000.
Keys to Success: The support he gets from F&I Director Gary Allgeier, and Great Lakes Companies, the group’s income development company. Borg also attributes his success to the video recording system the group installed in all F&I offices. Seeing himself in action allows him to spot opportunities for improvement, he says.
Customer Objection: I really want to stay within my budget.
Raymond: I understand. You’ve probably settled with your wife what the budget should be, and I respect that. I have one more suggestion I’d like to show you: So, you told me you understand what GAP is, you just don’t want to have a higher payment. There is a solution and it’s called a 63-month term. It only adds three more months to your payment. It not only keeps your payment down, but, from what I’m looking at, it actually drops your payment $5 and gives you the GAP.
So I’d like to recommend that. It’s $5 less, your wife is going to be happy because you’re coming home with a lesser payment, and guess what? That GAP coverage, you’re going to be very excited because you’ll be fully covered if something potentially catastrophic happens that causes a total loss. Would you like to go with that GAP coverage?
Next page: Key Replacement and Vehicle Service Contracts